Spreadex Market Update
BP, British American Tobacco and Whitbread lift FTSE back towards 6300
BP revealed a first quarter pre-tax loss of $865 million, but crucially kept its dividend unchanged at 10 cents, leaving it with a 3.5% rise after the bell. Currency headwinds, meanwhile, blighted British American Tobacco, its revenue growth falling from 7.5% to 1.7% for Q1 off the back of a 3.6% increase in cigarette volume. That was sufficient enough good news, however, to see BAT post a 2% rise as the day got underway.
It was a mixed report from Costa Coffee and Premier Inn owner Whitbread, its like for like sales growth for the 53 weeks to March slowing to 3% from 6.5% year-on-year. Yet, investors were buoyed by news of a 10% increase in the company’s dividend to 90.35p, coming off the back of a 12% rise in total revenue to £2.9 billion, gifting the stock a 3.5% surge.
Combine all this with a mixed showing from the UK commodity stocks and the FTSE jumped half a percent as the session kicked off, edging back towards the 6300 mark it fell below during yesterday’s trading. Yet with little to look forward to bar the continued aftermath of those earnings the UK index faces a challenge to maintain its growth throughout the day.
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